MTR Corp Ltd. began marketing its first-ever Hong Kong dollar public bond Tuesday, joining a surge of borrowing in the local currency debt market. The Hong Kong government majority-owned transport operator and property developer is issuing five-year, 10-year and 30-year notes with initial price guidance around 3.2%, 3.65% and 4.3%, respectively, according to a person familiar with the matter. The deal could price as early as Tuesday.

The offering arrives as global borrowers rush to issue HK dollar bonds, with the currency's haven status amid the Iran conflict boosting demand. Last week, the International Bank for Reconstruction and Development priced an HK$8 billion five-year note, the largest Hong Kong dollar-denominated public bond sold by an international issuer. German development bank KfW and the Asian Development Bank issued notes in January, followed by a HK$3 billion deal from the African Development Bank in March.

International issuers have sold a record HK$189.8 billion in such notes this year, an increase of almost 150% from the same period in 2025, data compiled by Bloomberg show. The rush underscores how geopolitical tensions are reshaping debt issuance patterns in Asia.